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10-7 Midday:  Soybeans Remain Higher at Midday, Corn and Wheat Lower

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn prices remain weaker at midday as harvest pressure continues. December corn is down 1-00 cents to $4.20-3/4, while the March contract is down 1-1/4 cents to $4.37-00.
  • Rain showers across the Midwest early this week will delay harvest for a short period of time, but the 5-10 day outlook shows a dry forecast which will help advance harvest.
  • US corn harvest is seen at 31% complete, up from 18% last week according to a survey completed by Bloomberg.
  • Brazil’s corn exports for September totaled 7.56 mmt, up more than 10% from August and nearly 18% higher from a year ago.

  • Soybeans continue to trade higher at midday on optimism between US and China trade talks in the upcoming weeks. November soybeans are up 3-1/4 cents to $10.21-00 and the January contract is up 3-00 cents to $10.38-3/4.
  • According to AgRural, soybean planting across Brazil is now estimated at 9% complete, up from 3% done last week, and 4% planted through the same week last year.
  • Brazil continues to benefit from the ongoing trade war between the US and China with the countries September soybean exports up more than 20% year-over-year.
  • Wheat prices are lower at midday, pressured by a rise in the US dollar. December Chicago futures are down 2-3/4 cents to $5.10-00, December KC is down 1-3/4 cents to $4.93-3/4, and December Minneapolis is 1-3/4 lower to $5.54-3/4.
  • Ukraine’s Economic Ministry reported that the countries winter grain sowing is behind last year’s pace. Winter wheat sown in Ukraine so far accounts for 2.3 million hectares which is down 12% from a year ago.
  • Bangladesh has announced a deal with the US for the purchase of 220,000 tons of wheat. US associates will be the supplier in the purchase, and the price is agreed upon at $308/ton.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

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